Blog Archives

Revision in import policy of Tur/Pigeon Peas, Moong & Urad – regarding

Vide the said notification, the import policy for goods falling under HS Code 0713 with item description as Tur/Pigeon Peas (Cajanus Cajan); Moong [Beans of the SPP Vigna Radiata (L.) Wilczek] and Urad [Beans of the SPP Vigna Mungo (L.) Hepper] is revised from Restricted to Free with immediate effect and for the period upto 31st October 2021.

RBI reduces interest rate payable by banks to depositors/claimants on unclaimed interest bearing deposit amount to 3%

The rate of interest has since been reviewed and it has been decided that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest bearing deposit amount transferred to the Fund shall be 3 per cent simple interest per annum with effect from the date of this circular.

Anti-dumping duty on import of 1-phenyl-3-methyl-5-Pyrazolone

Seeks to impose definitive anti-dumping duty on import of 1-phenyl-3-methyl-5-Pyrazolone originating in or exported from China PR for a period of 5 years from the date of imposition of provisional ADD, i.e. 9th June, 2020 vide Notification No. 26/2021-Customs (ADD) Dated: 27th April, 2021. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 26/2021-Customs […]

Covid related vaccines & Oxygen exempted from basic customs duty

In line with decisions taken in high level meeting taken by Hon’ble PM, Notification No. 28/2021-Customs dated April 24, 2021 issued exempting Customs duty on medical grade Oxygen, Oxygen related equipments and COVID-19 vaccines till July 31, 2021. Also Read:PM chairs meeting on increase in supply of oxygen & related equipment MINISTRY OF FINANCE (Department […]

RBI issues instructions on Declaration of dividends by banks

Commercial Banks may pay dividend on equity shares from the profits for the financial year ended March 31, 2021, subject to the quantum of dividend being not more than fifty percent of the amount determined as per the dividend payout ratio prescribed in paragraph 4 of the said circular. Other instructions in the circular dated May 4, 2005 shall remain unchanged.

Initiation of Sunset Review investigation on imports of ‘Axle for Trailers’ from China

Case No. AD (SSR) - 7/2021 Initiation of Sunset Review investigation concerning imports of 'Axle for Trailers' from China PR. The Applicant has alleged continued dumping & injury and likelihood of dumping and injury in case of expiry of existing anti-dumping duties and have requested for initiation of sunset review and continuation of the anti-dumping duty (ADD) imposed on the imports of the subject goods originating in or exported from the subject.

Anti-dumping duty on imports of ‘Barium Carbonate’ to continue till 20.10.2021

Seeks to amend notification No. 14/2016-Customs (ADD), dated 21-04-2016, so as to extend the applicability of the said notification up to and inclusive of 20th October, 2021 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 22/2021-Customs (ADD) New Delhi, the 15th April, 2021 G.S.R……(E).- Whereas, the designated authority vide initiation notification No. […]

Deendayal Antyodaya Yojana – National Urban Livelihoods Mission (DAY-NULM)

The Government of India, Ministry of Housing and Urban Affairs (MoHUA), restructured the existing Swarna Jayanti Shahari Rozgar Yojana (SJSRY) and launched the National Urban Livelihoods Mission (NULM) in 2013. NULM has been under implementation w.e.f. September 24, 2013 in all district headquarters (irrespective of population) and all the cities with population of 1 lakh or more.

Amendment to Master Direction on KYC – KYC norms for SHGs

Reserve Bank of India RBI/2021-22/10 DOR.AML.BC.No.1/14.01.001/2021-22 April 1, 2021 The Chairpersons/ CEOs of all the banks Madam/Sir, Amendment to Master Direction (MD) on KYC – KYC norms for Self Help Groups (SHGs) Please refer to Section 43 of the Master Direction on KYC dated February 25, 2016 as amended from time to time, wherein simplified norms for […]

National Bank for Financing Infrastructure and Development Act, 2021

(1) This Act may be called the National Bank for Financing Infrastructure and Development Act, 2021. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

Special Clearing operations by Banks on March 31, 2021

It is mandatory for all banks to participate in the special clearing operations on March 31, 2021. All the member banks under the respective CTS Grids are required to keep their inward clearing processing infrastructure open during the Special Clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the Special Clearing.

Common Mistakes while doing Overseas Direct Investment & judicial proceedings

With the aim of diversifying the business abroad, Overseas direct investments (ODI) are undertaken as significant means for developing economies and emerging markets where companies need funding and expertise to expand their international sales. The importance of ODI can be accurately measured by the innumerable benefits like better economic co-operation, economic integration, growth of capital etc.

Anti-dumping duty on imports of ‘Faced Glass Wool in Rolls’ from China

Seeks to impose definitive anti-dumping duty on imports of ‘Faced Glass Wool in Rolls’ originating in or exported from People’s Republic of China. Notification No. 14/2021-Customs (ADD) Dated: 18th March, 2021. MINISTRY OF FINANCE (Department of Revenue) Notification No. 14/2021-Customs (ADD) Dated: 18th March, 2021 G.S.R. 199(E).—Whereas, in the matter of ‘Faced Glass Wool in […]

RBI notifies qualified financial market participants & Contracts

Reserve Bank of India hereby specifies the following entities as qualified financial market participants to deal in qualified financial contracts, namely: - a. Entities licensed by RBI to do banking business, but not included in the second schedule to the Reserve Bank of India Act, 1934 (2 of 1934); b. “Export-Import Bank of India” established under the Export-Import Bank of India Act, 1981 (28 of 1981);

Reporting & Accounting of Central Govt transactions of March 2021

The Government of India has decided that the date of closure of residual transactions for the month of March 2021 be fixed as April 10, 2021. In view of the ensuing closing of government accounts for the financial year 2020-21, receiving branches including those not situated locally, should adopt special arrangements such as courier service etc.

Officer who did assessment, can only undertake re-assessment -Section 28(4) – Customs Act, 1962

M/S Canon India Private Limited Vs Commissioner of Customs (Supreme Court of India) The main issue is whether after clearance of the cameras on the basis that they were exempted from levy of basic Customs duty under Notification No. 15/2012, the proceedings initiated by the Directorate of Revenue Intelligence for recovery of duty not paid […]